NEW YORK - The price of oil edged higher Thursday as the U.S. economy grew more than expected in the third quarter.Benchmark U.S. crude for January delivery rose 18 cents at $97.38 a barrel on the New York Mercantile Exchange. Oil rose near $98 for the first time in five weeks before falling back a bit. Oil is still up $4.66 a barrel, or 5 per cent, this week.Meanwhile, natural gas rose to the highest level in six months as the Energy Department reported a large decline in supplies and cold [Read more]
News
Inter Pipeline Announces Board and Senior Management Changes
CALGARY, ALBERTA--(Marketwired - Dec. 5, 2013) - Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) today announced several changes regarding the composition of its board of directors and senior management team. These changes include the appointment of a new independent Chairman of the Board, the transition of Chief Executive Officer responsibilities and the appointment of a new Chair of the corporation's Governance Committee. The changes announced today are highly consistent with Inter Pipeline's [Read more]
Sundance Energy Corporation: Ochapowace 16-32-17-3W2M: Drilling Update
CALGARY, ALBERTA--(Marketwired - Dec. 5, 2013) - Sundance Energy Corporation ("Sundance" or the "Corporation") (TSX VENTURE:SNY)(OTCQX:SNYXF) hereby provides an update on the Corporation's recent drilling activities in the Ochapowace Area located in south east Saskatchewan: The 16-32 Test Well commenced drilling before the end of November 2013 and was drilled to a depth of approximately 1,250 meters subsurface. The 16-32 Test Well evaluated the Jurassic Sands, the Bakken, Lodgepole and [Read more]
Sturgeon Refinery still a good deal, NWU says
CALGARY - The chairman of North West Upgrading Inc. says a government-backed bitumen refinery being built near Edmonton can still turn a tidy profit, despite a major cost overrun and delay.Ian MacGregor says he was surprised and disappointed when he learned the pricetag of the refinery — part of a partnership with oil giant Canadian Natural Resources Ltd. (TSX:CNQ) — would be 50 per cent higher than the original estimate of $8.5 billion.But MacGregor says companies can make a $45-per-barrel [Read more]
Traverse Energy Ltd. Announces Increase in Size of Private Placement Financing
CALGARY, ALBERTA--(Marketwired - Dec. 5, 2013) - Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) reports that due to the oversubscription of its previously announced non-brokered private placement, the Corporation is increasing the size of its private placement of common shares of the Corporation ("Shares") to be issued on a "flow through" basis eligible for the renunciation of Canadian development expenses within the meaning of the Income Tax Act (Canada) at $0.84 per Share (the [Read more]
Report urges government work with aboriginals
VANCOUVER - A report commissioned by the federal government in an attempt to resolve an impasse with British Columbia First Nations over energy projects says trust and reconciliation need to be established between aboriginals and governments.The report by Doug Eyford says most First Nations communities in B.C. and Alberta see the value and economic opportunity in energy developments — but they want that development done in an environmentally sustainable way that acknowledges their [Read more]
Alberta Investment management sells 56,000,000 shares of Precision Drilling in massive overnight transaction
In a massive overnight trade, Alberta Investment Management sold its entire 56 million share holding of drilling giant Precision Drilling. The trade swapped over $530 million of equity. The stock is down 9% on the day. From today's Precision Drilling press release: Today, Alberta Investment Management Company ("AIMCo") sold its entire equity position in Precision Drilling Corporation (PD.TO) (PDS), approximately 56 million shares, in an overnight marketed transaction. AIMCo acted [Read more]
PanTerra Completes 9.6 km Pipeline at Tomahawk
TSX-V: PRC CALGARY, Dec. 5, 2013 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Company") is pleased to announce that it has completed a 9.6 kilometer pipeline at its Tomahawk, Alberta project. The line is going through its initial start up phase and is expected to be fully operational by mid December. The pipeline will allow the Company to produce from a particular well that was drilled last year, but due to high Gas Oil Ratios, was shut-in. This will result in an increase in both oil and [Read more]
Madalena announces closing of bought deal offering, including full exercise of over-allotment option, for gross proceeds of $9.2 million
TSXV Trading Symbol: MVN CALGARY, Dec. 5, 2013 /CNW/ - Madalena Energy Inc. ("Madalena" or the "Company") is pleased to announce that it has completed its previously announced bought deal short form prospectus offering (the "Offering") through Mackie Research Capital Corporation and RBC Capital Markets, as co-lead underwriters and joint book-runners (the "Co-Lead Underwriters"), on their behalf and on behalf of Haywood Securities Inc., National Bank Financial Inc., Dundee Securities Ltd., [Read more]
Oilsands upgrader cost rises; startup delayed
CALGARY - A partnership that plans to build an oilsands refinery northeast of Edmonton says the cost of the project has risen $8.5 billion.North West Redwater Partnership also said in a news release Wednesday that the startup date for its bitumen upgrader has been pushed back to September 2017 from mid-2016.When the project was approved in November 2012, the cost was estimated at $5.7 billion.The partnership, made up of North West Upgrading Inc. and Canadian Natural Upgrading Limited, a wholly [Read more]